SBV (State Bank of Vietnam), the central bank of Vietnam, is demanding to strengthen the management of housing and condominium loans from credit agency banks to Vietnamese citizens in areas where land prices are rising sharply.
SBV of the Central Bank of Vietnam directs the bank to conduct proper examination of the commercial bank
SBV, the Vietnam Central Bank, reported in 2019 on its lending operations that SBV's President, Le Minh Hung, carefully advised the commercial banks on the real estate and residential condominium market trends and He demanded strict control of credit regulations.
Le Minh Hung is related to Japan and has graduated from Saitama University. He is one of the members of the 12th Central Committee of the Communist Party of Vietnam and is the youngest member of the Central Bank of Vietnam.
Hung said he should report to the Central Bank of Vietnam if market conditions overheated. He also added that proper examination of safety is required at the time of lending, and in particular that Vietnam's citizens are monitoring the proper use of the loan to purchase housing condominiums.
Requests were made to areas where land price spikes were reported, including Da Nang and Quang Nam in central Vietnam and Van Dong near Hanoi.
The Central Bank of Vietnam also said that it needs to support credit institutions so that small and medium-sized enterprises can use credit to balance credit expansion with high quality. He then announced the indicators that would be the safety factor for banking operations.
The central bank's view is that it will limit lending to the high-end real estate segment for the wealthy to ensure sustainable development of the real estate and residential condominium market and the security of the banking sector.
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